Page 13 - Hyperpay PR REPORT - SEPTEMBER 2024

9/25/24, 4:25 PM Riyadh Daily

Riyadh "Riyadh Daily"
AI in fintech: How HyperPay leverages cutting-edge technology to transform payment
gateways

In the rapidly evolving digital age, artificial intelligence (AI) has emerged as a game-changer, revolutionising industries across the
spectrum by offering unprecedented opportunities for growth and propelling businesses to new heights of success. Like any other
industry, AI has had a profound effect on the fintech sector, transforming the industry at its core. Within this realm, payment gateways
have witnessed a profound transformation, thanks to the innovative applications of AI-powered tools. These tools are not only enhancing
security and streamlining operations but also revolutionising the way financial institutions engage with their customers.
AI-driven technologies, such as chatbots and virtual assistants, are reshaping the customer experience by providing efficient
and personalised support. These intelligent systems leverage natural language processing to understand and respond to
customer inquiries, offering instant assistance during checkout or order fulfilment. Moreover, AI algorithms can analyse vast
amounts of data to identify potential fraud risks, safeguarding both businesses and consumers. In essence, AI tools imitate
human intelligence to address payment-related problems quickly and cost-effectively.

The MENA region has witnessed a surge in digital payments, driven by increasing internet penetration, mobile usage, and
supportive government initiatives. About 85 per cent of fintech firms in the region are actively engaged in payments, transfers,
and remittance services, contributing to the growth of the digital economy. The UAE, Saudi Arabia, and Egypt have emerged
as key players in the fintech landscape, with a thriving ecosystem of startups and a focus on innovation. For instance, the
UAE has over 800 startups worth USD 15.5 billion.

With nearly a third of businesses expecting significant growth (over 20 per cent) in 2024, digital payment innovations have
emerged as a crucial element for success in the dynamic, ever-evolving business landscape. More than 100 industry
executives across the UAE, Saudi Arabia, and Egypt emphasise the critical importance of digital payment for businesses in
the region. A staggering 81 per cent of companies surveyed believe that speedier transactions directly contribute to increased
revenue. Additionally, around 83 per cent of executives recognise the significance of easy payment completion in building
customer loyalty.

HyperPay, a leading payment gateway provider in the MENA region, has been at the forefront of integrating AI into its
operations. The company’s commitment to providing exceptional payment solutions is driven by a deep understanding of the
evolving needs of businesses and customers. At the heart of the company lies its mission of providing companies with the
best payment gateway, payment solutions, and payment services, to make all payment processes easier, faster, and more
reliable.
The company has incorporated AI across many of its operations for a variety of reasons. AI-driven algorithms analyse
transaction patterns in real-time to detect and prevent fraudulent activities. Its advanced fraud prevention solution leverages a
combination of risk, settings, machine learning, fraud and payments data, as well as advanced analytics to identify suspicious

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